What Others Are Saying

July 19, 2008

Environmentalists claim that capping greenhouse-gas emissions and creating a market for emissions trading -- a policy prescription called "cap-and-trade" -- would reduce carbon-dioxide output and with it the risk of global warming.

But it could achieve the opposite.

Here's how: By turning carbon emissions into commodities that can be bought and sold, cap-and-trade policies could remove the stigma from producing such emissions.